A day after New Jersey state authorities buried its $1 billion development project, EnCap Golf Holdings LLC, which is backed by Donald Trump and Cherokee Investment Partners, plunked itself into bankruptcy.
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EnCap filed for Chapter 11 on Thursday in the U.S. Bankruptcy Court for
the District of New Jersey in Newark, putting to bed a project started
in 2000 to build upscale housing and golf courses on 800 acres of
landfill in New Jersey's Meadowlands.
The move comes a day after the New Jersey Meadowlands Commission,
the state agency charged with looking after development in the
Meadowlands, refused to extend a forbearance period, making EnCap's
assets vulnerable to foreclosure.
EnCap didn't provide details on its decision to file and did not
make any first-day requests. But a Wednesday letter from New Jersey
Attorney General Anne Milgram to Trump reveals several missed budget
deadlines and a project struggling for financing.
See the full story from The Daily Deal. - Ben Fidler
